U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > General Forums > Retirement
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
Old 08-04-2019, 06:48 PM
12,334 posts, read 15,279,746 times
Reputation: 8140


Perhaps, but it would be a tough fight. It would be a lot easier if all my employers offered 401k plans. Most did not. Of course, small firms are most likely to not bother setting them up. Is that a valid excuse?
Reply With Quote Quick reply to this message

Old 08-04-2019, 06:50 PM
7,442 posts, read 8,736,813 times
Reputation: 9498
Even if you don't have a 401K through an employer, if you're working in the U.S. and have earned income, you can still contribute to a yearly IRA.
Reply With Quote Quick reply to this message
Old 08-04-2019, 08:04 PM
Location: SoCal
13,672 posts, read 6,508,193 times
Reputation: 10208
You can save in after tax account. My daughters company has less than 5 employees, I tried to set up employers type of account for her, but her business partner doesn’t want it. He wants to save money to buy a house.
Reply With Quote Quick reply to this message
Old 08-04-2019, 09:02 PM
Location: DFW - Coppell / Las Colinas
32,290 posts, read 36,876,417 times
Reputation: 39042
A pretty sharp guy told me right out of college back in the 70's "Pay yourself first".

Even with a wife, 2 kids, a mortgage and life I tried to always pay myself a little something every paycheck into savings. Luckily that plus compounding and 2 nice careers despite 1 divorce I'll be able to stop work anytime I want. I only work now because I want to, not because I need to.

Pay yourself first. In the beginning it wasn't 10% but usually it was more.
Reply With Quote Quick reply to this message
Old 08-06-2019, 03:32 PM
26,206 posts, read 33,201,468 times
Reputation: 32618
I could not have saved 10% most of my years - no way possible. It took everything I made to pay the rent and buy food and gas. Until I hit about 27, it was paycheck to paycheck.

However, for the last 17 years I have put away 20%. Actually more than that as I contribute to my pension. It’s pretty difficult to save when you first start out unless you are a college grad in a good field and start out with a great job. So sure, sone can manage it, but certainly not everyone.
Reply With Quote Quick reply to this message
Old Today, 09:34 AM
Location: RVA
2,182 posts, read 1,282,650 times
Reputation: 4511
I saved 10% or more every year from when I graduated. Always had a 401k with match from when they started, & always got the full match. Unfortunately that did not prevent my ex wife from running up lots of CC debt that I was too late to realize. ( hence the EX part). So much of that went to pay off debt and start over at age 35. From that point on I paid myself first and increased my savings with every raise to steadily drive myself in to a LBYM lifestyle. And then stuck with a slightly lower paying career to end up with a healthy pension plus investments and max SS. Retired at 61 with plenty of income and investments. It works.
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Quick Reply

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Retirement
Follow City-Data.com founder on our Forum or

All times are GMT -6.

© 2005-2019, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top